PSC Insurance Group has created a NSW broking branch as the Melbourne-based broker readies for what it says will be another “really positive” year for the business after a strong December half.

Last week PSC announced underlying revenue rose 15% to $137.8 million in the first-half, up from a year earlier. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) advanced 19% to $48.6 million and underlying net profit after tax before amortisation grew 27% to $35.2 million.

PSC has subsequently raised its full-year underlying EBITDA guidance to $104-108 million from $101-105 million previously and underlying net profit after tax before amortisation to $72-75 million from $70-73 million.

“That reflects our confidence in the second-half,” MD Tony Robinson said during an earnings call.

“We believe the outlook is really positive. Each of the parts of the business has done well in the six-month period and we believe that the strength of the business will go on seeing us delivering good organic growth.”

PSC says rates have continued to assist in the broking businesses generally but notes the pace of premium increases is now slower.

The Australia Distribution business – comprising broking and networks – recorded a 15% rise in underlying EBTDA to $22 million and underlying revenue rose to $57 million from $47.4 million.

PSC made key investments including taking a 40% stake in Bay Building Group, an insurance building business with a national presence, before the balance date and formed the new NSW-based broking branch by acquiring PSC Network member Aviation Marine General Insurance (AMGI) during the period.

“The reason we've decided to focus on this one is that it’s something that we think is an illustration of the strength of PSC in the broking marketplace,” Mr Robinson said.

“This is a situation where we’ve had a business we’ve been involved in, that is being an authorised representative… and we have now successfully executed that to create a new branch in New South Wales.”

PSC also announced Ben Goodall now heads up Australian broking while Pat Miller has moved to the UK. Mr Miller previously led the Australian broking business.

Mr Goodall was most recently Managing Partner of PSC Griffiths Goodall Insurance Brokers, according to his LinkedIn. PSC acquired the broking operations of Griffiths Goodall in 2019 for $48 million.